场外交易市场，简称OTC市场，通常是指店头交易市场或柜台交易市场，但如今的OTC市场已不仅仅是传统意义上的柜台交易市场，有些国家在柜台交易市场之外又形成了其他形式的场外交易市场。
其中，粉单市场就是OTC市场中较低层级的市场。其最大特点是不受证券监管当局的监管。
黄单是债券交易员公告，其中包含在场外交易(OTC)市场上市的公司债券的信息。
Pink Sheets
粉单
Pink sheets are listings for stocks that trade over-the-counter (OTC) rather than on a major U.S. stock exchange. Many pink sheet listings are stock shares in companies that cannot meet the requirements for listing on a major U.S. stock exchange like the New York Stock Exchange (NYSE).
粉单指的是在场外交易(OTC)而不是在美国主要证交所上市的股票。许多粉单上市公司的股票都不符合在纽约证券交易所(NYSE)等美国主要证券交易所上市的条件。
Most pink sheet listings are low-priced penny stocks, meaning that they trade for less than $5 per share, and trading in pink sheet securities is often viewed as highly speculative.
大多数粉单股票都是低价的低价股，也就是说它们的交易价格低于每股5美元。粉单证券交易通常被视为高度投机。
Companies may choose to sell their shares through the over-the-counter network to avoid the costs and regulatory requirements for listing on a large exchange.
公司可以选择通过场外交易网络出售其股票，以避免在大型交易所上市的成本和监管要求。
Pros and Cons of the Pink Sheets
粉单的优缺点
Pink sheet listings offer small companies a chance to raise capital through the sale of shares to the public and make it easy for an investor to afford a stake in the market and pink sheet transaction costs are often low.
粉单上市为小公司提供了通过向公众出售股票筹集资金的机会，使投资者很容易在市场上买得起股票，粉单的交易成本通常很低。
However, pink sheets are prone to fraud and price manipulation due to the lack of financial information required to list and lack of regulation. There is less public information and transparency surrounding the companies, and shares often trade infrequently, making it hard to buy or sell when the investor wants.
然而，由于缺乏上市所需的财务信息和缺乏监管，粉单很容易出现欺诈和价格操纵。围绕公司的公共信息和透明度较低，而且股票往往不经常交易，使得投资者很难在想买或想卖的时候买入或卖出。
Yellow Sheets
黄单
Yellow sheets are bulletins for bond traders which contain information for corporate bonds listed on the over-the-counter (OTC) market. The sheets contain data on each bond's yield, volume, high, low, closing, and bid-ask spread.
黄单是债券交易员公告，其中包含在场外交易(OTC)市场上市的公司债券的信息。这些报表包含每种债券的收益率、成交量、高、低、收盘价和买卖价差等数据。
Yellow sheets are published by the OTC Markets Group, formerly called the National Quotation Bureau (NQB). The company also publishes pink sheets with the equivalent data on stocks that trade over-the-counter.
黄单由OTC市场集团(前称国家报价局(NQB))发行。该公司还发布了包含场外交易股票等值数据的业绩报告。
Both bulletins have been distributed electronically in real-time since 1999.
自1999年以来，这两份公报均以电子方式实时分发。
Yellow sheets provide information about bonds issued by companies that are not listed on a national exchange.
黄单提供未在国家交易所上市的公司所发行的债券信息。
These non-listed companies may be small and little-known, or still in the process of establishing a business. Many could not meet the requirements for listing on the public exchanges.
这些非上市公司可能是小型的、鲜为人知的，或仍在创业的过程中。许多人无法满足在公共交易所上市的要求。
The OTC market is a decentralized system for trading securities. Dealers on the OTC market do not do business from a single physical location, or a centralized market. The yellow sheets provide contact information for the brokerages that make a market for these bonds.
场外交易市场是一个分散的证券交易系统。场外交易市场上的交易商不在一个单一的物理地点或一个集中的市场开展业务。黄单提供了为这些债券做市的经纪商的联系信息。
Yellow sheet bonds are traded by this network of market makers through a closed network that can be accessed in hard copy or online by subscribers. If a subscriber wants to purchase a particular bond, they may use the contact information in the yellow sheets to contact the appropriate brokerage.
黄单债券由这个做市商网络通过一个封闭的网络进行交易，订户可以通过硬拷贝或在线的方式进入。如果订户想购买某种特定的债券，他们可以使用黄页上的联系信息来联系适当的经纪公司。
